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Unlike Marx,Lenin Believed

question 9

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Unlike Marx,Lenin believed


Definitions:

Utility

Utility refers to the total satisfaction received from consuming a good or service.

Diminishing Utility

The principle that as consumption of a good or service increases, the marginal utility derived from each additional unit decreases.

Marginal Utility

The additional satisfaction or benefit obtained from consuming one more unit of a good or service.

Total Utility

The complete satisfaction obtained from consuming a particular quantity of goods or services.

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